MFG, Verifone offer next generation payment solutions, services via MySwitch

KUALA LUMPUR: International companies, which are leaders in mobile payments, are joining hands in a venture that will enhance Malaysia’s position as one of the fastest growing payment landscapes in Southeast Asia.

Mine Financial Group (MFG), an Australian integrator and operator of core financial switching operations, and Verifone, a world leader in payment and commerce solutions, are enabling MySwitch, an independent financial switching business, to bring the Verifone Engage family of payment solutions to Malaysia.

MySwitch has the ability to drive mobile, e- commerce, remittance, foreign exchange, value added and automated teller machine transactions, a move that will raise Malaysia’s position as one of the fastest growing payment countries in Asean.

MySwitch’s new chief executive officer, Gary Chin, said in a statement today that “MySwitch is excited to be in partnership with MFG and Verifone, two extremely capable organisations that will deliver a powerful independent payment network in Malaysia.

With Verifone’s latest payment solutions and services, MySwitch can address the rapid growth in electronic payments in Malaysia, he said.

MySwitch is a Malaysian privatelyowned company which has been established to provide a bank agnostic payment switching platform with the ability to be more flexible in how technology is delivered to merchants, consumers and online operators in Malaysia.

Steve Aliferis, president of Verifone Asia-Pacific, said in a statement the Malaysian payments landscape is changing rapidly.

Businesses, consumers, banks and governments were all interested in the latest and most efficient solutions available from around the world, he said.

“We believe our combined capabilities will fit their needs. We are committed to supporting Malaysia’s advancement towards a service-rich, cashless economy by enabling MySwitch with our Engage family which offers nextgen features, functionality and commerce capabilities to meet the needs of both merchants and their customers,” Aliferis said.